"Without having to rely on the capital markets, which can be mercurial, it's a kind of self-insurance to have that cash on hand for the times when things go bump in the night," he said.

The Times' Nick Bilton offered several suggestions for what Apple can do with its cash.

It could buy Mars. "NASA scientists recently said a human mission to Mars with the goal of building a colony would cost about $160 billion. NASA even floated the idea that big corporations could sponsor the trip," Bilton wrote.

Apple could buy Tesla, the electric car maker, which is valued at about $30 billion.

As telecommunications companies are so important to Apple, it could buy T-Mobile, which is valued at about $26 billion, Bilton said.

"Although Apple has a sterling brand, robust product pipeline and ample opportunity to gain share in its various end markets, short product life cycles and intense competition will prevent the firm from resting on its laurels or carving out a wide economic moat," he wrote on Morningstar.com.